Microeconomics
Microeconomics
Use the accompanying figure to answer questions 2–4.
2. Is the firm in the figure a natural monopoly? Explain your answer.
Determine whether the firm is a natural monopoly or not based on the figure.
Figure-1 shows the natural monopoly market as follows:
In Figure-1, the horizontal axis measures the quantity and the vertical axis measures the price.
The assumptions of the natural monopoly firm are explained as follows:
- The natural monopoly firm has high fixed costs.
- In the long-run, the average cost curve falls as an increase in the output.
- The socially optimal price-output combination occurs where the price is equal to the marginal cost...
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